Skip to content Skip to Search
Skip navigation

UAE commits $50m to development fund

By Pramod Kumar
Garden, Nature, Outdoors Islamic Development Bank
LLF 2.0 will focus on climate-smart agriculture, primary care, underfunded social services, and infrastructure investment

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries.

The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low and lower-middle income member countries supported by Jeddah-headquartered ISDB.

It will also support climate adaptation efforts and empowerment of women and girls.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The new funding aims to support 32 member countries in achieving 10 of the 17 sustainable development goals.

The financing will be administered by the state-backed Abu Dhabi Fund for Development, in addition to the $50 million the UAE has contributed to the LLF since its launch in 2016.

“Through LLF 2.0, we will focus on climate-smart agriculture, primary care, underfunded social services, and infrastructure investment,” Mohamed Saif Al Suwaidi, Director General, Abu Dhabi Fund for Development, said.

Established in 2016, LLF is a joint effort of the ISDB, Abu Dhabi Fund for Development, Bill & Melinda Gates Foundation, Islamic Solidarity Fund for Development, King Salman Relief Humanitarian Aid and Relief Centre and Qatar Fund for Development.

The first phase of the fund invested over $1.4 billion across 22 ISDB member countries.

LLF 2.0 was launched in May 2023, with the Islamic Solidarity Fund for Development committing $150 million, while the Bill & Melinda Gates Foundation up to $100 million. 

Latest articles

Alcohol tax in Dubai was suspended in 2023

Dubai to reintroduce 30% alcohol tax

Dubai will reintroduce the 30 percent sales tax on alcohol in January, according to an email sent by a local alcohol distributor to venues in the city.  The correspondence sent by MMI, which also operates off licences in the city, said: “Please note, Dubai Government have informed us the 30 percent municipality tax on alcoholic […]

EDB food wheat farm sharjah

EDB hails $305m in financing for agriculture businesses

One dirham in 12 lent by Emirates Development Bank in the past three years has gone into financing for agriculture technology and food production businesses, the bank said on Thursday. EDB said the AED1.12 billion ($305 million) of loans represent 8 percent of the AED14.72 billion of financing it has provided since April 2021.  It […]

The oil market could now shift focus to the actions of US President-elect Donald Trump

Opec+ delays oil output hike until April

Opec+ on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group. Cuts had been scheduled to begin unwinding from October 2024 but a slowdown in […]

Animal, Bird, Chicken

Almarai to foray into food segments beyond dairy

Almarai, the largest dairy producer in Saudi Arabia, will launch seafood and red meat facilities to help achieve the Vision 2030 goal of becoming food self-reliant. The company is building domestic production facilities for seafood and beef and lamb, which will become operational in two years, Bloomberg reported, citing CEO Abdullah Albader. In March, Almarai […]